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Based on the most helpful WSO content, global firms in Toronto, often referred to as satellite offices, vary in terms of deal flow and presence. Here's a breakdown:
BBs (Bulge Brackets):
EBs (Elite Boutiques):
Other Firms:
Compensation/Bonus: - While specific numbers aren't detailed in the WSO threads, it's generally understood that global firms in Toronto offer higher compensation than Canadian Big 5 banks, especially at the junior level. However, bonuses and total comp can vary significantly based on deal flow and the firm's structure in Canada.
If your goal is to work in Canada long-term, the Canadian Big 5 banks might offer more stability and consistent deal flow, albeit with smaller deals and lower comp compared to the globals. However, if you're looking for prestige and potentially larger deals, switching to a global firm like BofA, MS, or Citi could be worth considering.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, Toronto - Boutique Investment Banking Compensation, Canada to NYC Lateral, Bay Street VS Wall Street Investment Banker, US Banks With Satellite Offices in Canada
If you’re an analyst and your goal is exit opps (especially for the US), would take any BB/EB office over big 5 - especially GS/MS Toronto
If your goal is to build a career in IB, would look to the offices that have deal flow and/or active MDs that ideally both originate and execute in Toronto. IMO the better globals include MS, Jefferies (huge office, but unclear if they are overstaffed / will need to pull back in the future), Barclays (rebuilding, will take some time), BoA, and Greenhill. UBS/CS is a bit of a wild card given the struggles they’ve had with integration/deal flow globally. GS Toronto is good but they have a new head of IB Canada from Calgary and I’ve heard culture is difficult
The rest either don’t do much and/or are very small (more difficult upward mobility) - Wells Fargo, JPM, Citi, Rothschild (cut their head of canada in 2023 and half the team), Evercore (1 Senior MD)
Comp at most of the above will be above big 5 across all levels. The base salary differential especially is laughable
Thank you that's super insightful! Had 1 more quick question: If I want to exit internationally, not to the US, (Eu/Uk/Aus) are the brand name of the globals (even the ones not as strong in Canada) seen more favourable than a big5 bank that's top of league tables
Yes. There is a perceived universal prestige / standard of quality and training associated with the global banks that the big 5 don’t have outside of Canada/ North America. This is irrespective of actual deal flow. It’s of course possible to go international from big 5, but it’s more of an uphill battle (and a lot easier if you’re at RBC vs Scotia, for example)
Do BBs in Canada pay US base? No wonder the attrition is so low…
They base US base adjusted in CAD
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